If you have yet to file your 2019 federal tax return, now is the time to act if you anticipate getting a refund. That's because the final filing deadline is approaching for those wishing to claim a tax refund. If you wish to collect the cash the government owes you, you'll want to file your 2019 tax return by July 17, 2023. Here's what you need to know so you don't miss out on extra cash.
Filing deadlines for tax refunds do exist
Sometimes life happens, and you can't meet the yearly federal tax filing deadline. According to the IRS, taxpayers have a three-year window from the original filing date to claim a tax refund. After that point, unclaimed refunds become the property of the United States Treasury. You should keep this timeline in mind if you don't want to waste your hard-earned money.
Claim your 2019 federal tax refund by July 17
Since federal tax returns for the 2019 tax year were due in the early days of the COVID-19 pandemic, the IRS extended the filing deadline from April to July 2020. Because of this, the three-year timeline for 2019 returns is in the summer of 2023 instead of the spring.
Taxpayers that have yet to file their 2019 federal tax return must file their return and claim any refunds owed by July 17, 2023. Otherwise, they'll lose the money they're due to get back from the government. If you have yet to file and expect a return, now is the time to act.
Many taxpayers have yet to file their taxes. The IRS estimates that nearly $1.5 billion in refunds remain unclaimed, and more than 1.4 million individuals are due money. If you've been meaning to boost your savings account balance, filing your tax return could allow you to do that.
Another reason to file your taxes soon
There's another reason you may want to act quickly to file your 2019 federal tax return. Many low- to moderate-income workers qualify for the Earned Income Tax Credit (EITC). For the 2019 tax year, the EITC credit is worth up to $6,557. You don't want to miss out if your household qualifies for this credit. A sizable tax refund could allow you to build a solid emergency fund and in today's costly world, having emergency savings can give you greater peace of mind.
Do this if you need to file your 2019 tax return
If you have yet to file your return and claim a refund, the good news is it's not too late. Since some tax-filing software providers allow taxpayers to file their returns for up to three years, you can use one of the best tax software solutions to file your taxes. Many taxpayers find that using software simplifies the filing process and makes handling tax matters less stressful.
If you need extra help or have questions about your 2019 taxes, you may want to contact an accountant. But keep the July 17 timeline in mind so you have time to gather your documents before the deadline passes. Check out our personal finance resources for more valuable tips.
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